Wells Fargo Ends Partnership with Bilt on Credit-Card Services

Wells Fargo is set to end its credit-card partnership with Bilt, a fintech company that enables users to pay rent directly through their credit card. The partnership allowed users to earn rewards and pay rent with credit. Wells Fargo's decision to end the partnership may be due to a decline in the credit-card market and a shift in consumer behavior.

Wells Fargo has announced its decision to end its partnership with Bilt, a fintech company that enables users to pay rent directly through their credit card. This move comes as Wells Fargo seeks to realign its credit card strategy with current market conditions and consumer behavior trends. The partnership, which began in 2022, allowed users to earn rewards and pay rent with credit, but Wells Fargo has since decided to terminate the agreement.

Bilt, which has been valued at $10.75 billion following a recent funding round, has been developing a new card lineup in anticipation of the change. The company will launch two new travel credit cards in February 2026, one with a $95 annual fee and another with a $495 annual fee. These new cards will join the existing no-annual-fee Bilt Mastercard, forming a three-card lineup known as "Bilt Card 2.0." The new cards will be issued through Cardless, a fintech platform that has previously launched the Coinbase and Qatar Airways credit cards [1].

The decision to end the partnership with Wells Fargo is likely due to a decline in the credit-card market and a shift in consumer behavior. Wells Fargo had been losing as much as $10 million a month on the card by mid-2024, and the bank's internal revenue projections for the Bilt card turned out to be off the mark [3]. Additionally, the partnership raised concerns about potential money-laundering risks, which the companies have been working to address [3].

Bilt has been expanding its rewards program to include mortgage payments, in addition to rent. The company has announced an expansion into mortgages through direct partnerships with mortgage servicers, with United Wholesale Mortgage investing $100 million in this funding round [1]. Bilt plans to announce more details on this partnership and earning points on mortgages this fall.

The transition for existing cardholders will be seamless, with Bilt moving them to the new platform early next year. Bilt has stated that the new cards will offer more choice, more benefits, and potentially more rewards on everyday spending, rent, and homeownership [2].

References:
[1] https://thriftytraveler.com/news/credit-card/bilt-breaks-up-with-wells-fargo-launching-two-cards/
[2] https://www.reddit.com/r/biltrewards/comments/1lwifxy/new_bilt_cards_announced/
[3] https://www.wsj.com/finance/banking/wells-fargo-plans-to-exit-a-credit-card-program-that-gave-rewards-for-rent-336dae4b